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Comerica Bank’s Texas Economic Index flattens

Comerica Bank’s Texas Economic Activity Index continued to flatten this year through May, based on the latest numbers issued today.

Robert Dye, chief economist for Dallas-based Comerica, said some of the index components, including employment, improved during the first five months of the year, but others, such as hotel occupancy, home building permits and the oil and gas rotary rig count, have leveled off or declined.

“The flattening of the index is consistent with a step down in the rate of economic growth for Texas in mid-2013, [which] will be felt not only in Texas but in most other states as well, and reflected in weak U.S. GDP growth through the second quarter of this year,” Dye said in a statement. However, he expects the Texas Index to show expansion for the second half of this year.

Overall, the index declined 0.1 percentage points in May to 103.6, which is still above the average of 102 points for all of 2012 and 10 points above the average for 2011.

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